SunTrust Bank (NYSE: STI) offers retail and commercial banking services. The lender's home loan rates stated below require a 60-day lock-in period on the loan whose proceeds are to be used for the purchase of single-family owner-occupied properties. The lender's latest mortgage interest rates are updated for October 14, 2013.
Please, bear in mind that these interest rates are subject to change without prior notice and may vary upon loan approval or actual disbursement of funds. The APR calculations were made using closing costs and discount points, assuming that the borrower will pay 1.00% of the total loan amount in origination fees. With the exception of loans insured by the Federal Housing Administration (FHA) for borrowers with low credit scores, the quotes are given assuming the borrower has strong financial standing.
With the exception of loans insured by the Federal Housing Authority (FHA) for borrowers with low credit scores, the quotes are given assuming the borrower has strong financial standing.
First, looking at the lender's fixed home mortgages, the 30-year FRM is offered by SunTrust at a rate of 4.250%, with 0.013 discount points and an annual percentage rate (APR) of 4.3565%. The shorter-term 15-year fixed rate conventional home mortgage is available at 3.250%, and it features 0.029 discount points. The corresponding APR is set at 3.4344%.
Turning attention to FHA loans, the 30-year fixed rate FHA-backed loan option is listed at 4.00%. This type of loan comes with 0.244 discount points and features an APR of 5.6429%.
The 30-year fixed home mortgage with a jumbo balance demands 4.625% in interest and 0.001 discount points, yielding an APR of 4.7234%.
More flexible loans, including adjustable rate mortgages (ARMs), are are also available under this bank, as these feature a fixed interest rate period for a specified number of years. After that, the interest rate is adjusted to reflect current interest rates during the reset schedule.
The 5/1 ARM home purchase loan can be secured at 2.900% as of today. The loan package is accompanied by 0.070 discount points and an overall APR of 2.9868%. The 7/1 adjustable rate loan option starts at 3.400% and 0.239 discount points, while the corresponding APR variable is 3.2454%.
For additional details on SunTrust's mortgage loans, please check the lender's website.
